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The XYZ Company uses a standard cost accounting system and estimates production for 2007 to be 60,000 units. At this volume, the company's variable overhead costs are $.50 per direct labor hour.
The company's single product has a standard cost of $30.00 per unit. Included in the $30.00 is $13.20 for direct materials (3 yards) and $12.00 of direct labor (2 hours). Production information for the month of March 2007 follows:
Required: (Be sure to indicate whether the variances are favorable or unfavorable.)
a. Prepare the standard cost sheet for the company.b. Compute the direct material price variance, assuming the material price variance is the responsibility of the company's purchasing agent.c. Prepare the journal entry to record the purchase of direct materials.d. Compute the direct labor efficiency variance.e. Compute the budgeted fixed overhead costs for the month and for the year.f. Compute the fixed overhead volume variance.
Which cost flow method results in 1. the highest inventory amount for the balanc sheet abd 2. the highest cost of goods sold for the income statement?
Explain the GASB reporting requirements related to fair value. How do these requirements differ from reporting requirements for corporate entities?
Alicia was also the life tenant of a trust (fair market value of $2,000,000) created by her late husband Bert. (The executor of Bert's estate did not make a QTIP election.) In October, Alicia's estate received an interest payment of $11,500 ($6,00..
Design an R- and an 1-chart for this process and the results from the last 5 samples of 10 packets are
After completing her analysis, Benzo shows the results to Fred Duval, the Applewood division president. Duval does not like what he sees. "If you show headquarters this analysis, they are going to ask us to phase out the Regal line, which we have ..
Develop a template of costs. You should separate expenses into variable and fixed expenses. The SMH data file contains a template to provide some guidance and calculate the breakeven point in patient days.
What if we simply bartered for all? Would our economy grow - with that said, is pursuit of ALL self interest in a contract unethical and if not, at what point does it become unethical?
Example on implicit interest rate and incremental borrowing rate
what is the interest rate helping you understand your plan, if you save your money right now?
Claire uses her own small tools, however the compan supplies a riding lawn mower for her use. Her contract at the company is the Facilities Manager who signs her monthly invoices for processing by Accounts Payable.
Write the consolidated financial statements for Company
The beginning inventory for Packaging consisted of 10,000 units that were 50% complete as to conversion costs and fully complete as to materials and journalize the October transactions.
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